A little Fact for the people that are not making money

13 years ago

Originally Posted by InternetMarketingIQ

Yesterday I read an article that hit the front page of Yahoo.

The article was about a credit card that charges 79% interest, has $140 a year in fees, and caps the limit on new cards at $300.

Now how hard would it be to sell an insane product like this?

Apparently not very hard at all. They company gets 300,000 applicants each month and accepts about 50,000 of them.

People are willing to part with their money for the stupidest things. Never underestimate the lack of intelligence in the marketplace. Find your market and give them what they want and don't worry about the cost.

They found their market - people who want a credit card, but cannot get a credit card for one reason or another.

Find a want and fill it!

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Alexa Smith

Banned 13 years ago

Originally Posted by InternetMarketingIQ

The article was about a credit card that charges 79% interest, has $140 a year in fees, and caps the limit on new cards at $300.

Well, those are three facts about it. Now, how about a fourth one: they offer it to people whom virtually no other credit-card issuer will accept. Now how hard would it be to sell an "insane" product like that to people who have been declined 10/20/30 other credit-cards?

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thebitbotdotcom

13 years ago

Originally Posted by InternetMarketingIQ

Yesterday I read an article that hit the front page of Yahoo.

The article was about a credit card that charges 79% interest, has $140 a year in fees, and caps the limit on new cards at $300.

Now how hard would it be to sell an insane product like this?

Apparently not very hard at all. They company gets 300,000 applicants each month and accepts about 50,000 of them.

People are willing to part with their money for the stupidest things. Never underestimate the lack of intelligence in the marketplace. Find your market and give them what they want and don't worry about the cost.

Sweet. I wonder what would happen if you wrote a killer article like that and just backlinked the living he!! out of it???

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82ana

13 years ago

Originally Posted by InternetMarketingIQ

A credit card that charges 79% interest, has $140 a year in fees, and caps the limit on new cards at $300.

Now how hard would it be to sell an insane product like this?

Apparently not very hard at all. They company gets 300,000 applicants each month and accepts about 50,000 of them.

People are willing to part with their money for the stupidest things. Never underestimate the lack of intelligence in the marketplace. Find your market and give them what they want and don't worry about the cost.

That is stupid. Maybe they can sleep at night duping people like that but most cannot. I might not be making any money (yet) but I'd don't think I could prey on the vulnerable like that. Even if I wanted to.

I do get your point though there are people out there with dispensable cash for the "right" (or in this case wrong) products.

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2 replies

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George Wright

13 years ago

Originally Posted by 82ana

That is stupid. Maybe they can sleep at night duping people like that but most cannot. I might not be making any money (yet) but I'd don't think I could prey on the vulnerable like that. Even if I wanted to.

I do get your point though there are people out there with dispensable cash for the "right" (or in this case wrong) products.

I too see your point, however, look at it from certain target market eyes.

Target market= At present can't get a credit card any other way. They pay the price for this one and use it to build up their credit or at least start building it.

Target market= Going on a trip and has plenty of cash but no credit card which most Hotels and Car Rental agencies need even if you pay everything with cash up front they need a CC on file.

Target market= Wants to open up a paypal account and they don't know about Greendot. They need a CC to verify themselves.

Target market= They want to buy things online and they have to have a CC to do so. Again, of course, they don't know about Greendot.

Target market= They want to impress someone for what ever reason and they feel they need a CC for the evening out, business lunch, whatever.

The above are thankful that such "rip off" deals are available.

In most if not all of the instances above if the Target market uses the high priced CC correctly they will in time be offered better deals on credit cards.

I remember way back when, on this forum, certain Warriors picked themselves up with this type of offer and other financial offers (bank accounts, debit cards, etc.) Wrote eBooks about how to get back on your feet and became authorities on the subject. They had a lot of customers too.

George Wright

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82ana

13 years ago

Originally Posted by George Wright

The above are thankful that such "rip off" deals are available.

In most if not all of the instances above if the Target market uses the high priced CC correctly they will in time be offered better deals on credit cards.

I remember way back when, on this forum, certain Warriors picked themselves up with this type of offer and other financial offers (bank accounts, debit cards, etc.) Wrote eBooks about how to get back on your feet and became authorities on the subject. They had a lot of customers too.

George Wright

You have been roaming the alleys here far longer then I have.

I guess it takes a bit of experience to realize there could be a target market for just about the silliest things. You just have to target "them".

Thanks George.

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Vogin 13 years ago

Originally Posted by George Wright

I too see your point, however, look at it from certain target market eyes.

Target market= At present can't get a credit card any other way.

Maybe that's a sign they shouldn't have one? I mean, something must have happened to get them to this point, I'd say that "something" was lack of discipline in conjuction with limited to zero financial education.

What am I getting at? I think people would be much better off using debit cards instead of credit cards (you can't usually "borrow" money via a debit card and if you do, you face an unpleasant interest rate), at least we would stop buying things we can't afford.
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matt5409

13 years ago

Originally Posted by 82ana

That is stupid. Maybe they can sleep at night duping people like that but most cannot. I might not be making any money (yet) but I'd don't think I could prey on the vulnerable like that. Even if I wanted to.

I do get your point though there are people out there with dispensable cash for the "right" (or in this case wrong) products.

hmm, i'm not sure i can relate to your moral highground. not that ripping people off is a good thing, but if all the facts are there, we as humans are intelligent creatures that are able to make our own decisions.

if there is a need and it will make some money, i'd sure as hell go for it.

this lack of responsibility sickens me - like that fat idiot that sued mcdonalds because, well he was fat. people have their own brains, they just don't tend to use them!

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Justin Hall

13 years ago

I had a client in the past who hadn't formed his business or anything yet, but had the resources to offer small business loans up to 250,000 to business owners with bad credit.

primarily he wanted to focus on an instant 5,000 cash card, then an also fairly easy to obtain 10,000 advance.

essentially he wanted me to figure out a way to drive leads to him but he offered me a percentage of profits instead of an upfront fee.

i basically declined because he didn't seem to have any details or anything worked out and I didn't feel like forming his business for him and risk not even getting paid.

i wonder if i should look a little further into the subject though... any ideas?

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RevenueBuilder

13 years ago

gotta go with amex. do WHATEVER it takes to get one. They're incredible, I'm going on a trip in 2 weeks paid for just in points- and it's all from spending money on PPC.

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Shoaib

13 years ago

Originally Posted by thebitbotdotcom

Sweet. I wonder what would happen if you wrote a killer article like that and just backlinked the living he!! out of it???

Welcome to the world of real Article Marketing.

Besides the back-linking part, that automatically happens with a 'killer article'.

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Bruce NewMedia

13 years ago

Originally Posted by InternetMarketingIQ

Yesterday I read an article that hit the front page of Yahoo.

The article was about a credit card that charges 79% interest, has $140 a year in fees, and caps the limit on new cards at $300.
Now how hard would it be to sell an insane product like this?
Apparently not very hard at all. They company gets 300,000 applicants each month and accepts about 50,000 of them.

People are willing to part with their money for the stupidest things. Never underestimate the lack of intelligence in the marketplace. Find your market and give them what they want and don't worry about the cost.

Actually it is really not such a stupid idea for certain people.

Many of their applications come from people recently coming out of bankruptcy.

In that case, re-establishing credit can be difficult. These high-cost cards serve a purpose in helping them begin the journey to a decent credit score again.

Not, btw, to get back into trouble with credit, but because it is very hard to live and transact everyday life without at least one card. For instance, try renting a car, out of town, without a credit card.
_____
Bruce

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Roaddog

13 years ago

Originally Posted by InternetMarketingIQ

Yesterday I read an article that hit the front page of Yahoo.

The article was about a credit card that charges 79% interest, has $140 a year in fees, and caps the limit on new cards at $300.

Nice to see La Cosa Nostra is alive and well.

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JeedoAquino

13 years ago

Hi,

I'm not a credit expert but I do agree with some of the points stated here:

1. The credit card companies found a "market" due to the recession. A bad thing? Probably yes, it's outrageous, it's a deadly gamble but for some with barely no option at all, it might be all they have to get back on their feet.
2. These credit cards when used right can and will enable the customer to eventually fix their credit scores. How, I have no idea, but it could be a possible market: "How to fix your credit score if this is the only outrageous credit card you have."
3. There is a lesson to be learned in here, as entrepreneurs and internet marketers, we can help a market that's actually in need and give the best possible solution. I'm not saying rehash a product and offer it as your own, but look at it this way. If you have a segment in your audience who wants to start a website but doesn't know HTML, give them a prebuilt wordpress and a guide that even an 8 year old will understand. Will the idea click? Depends on how you market it, most important thing is you address a specific issue and provide the most value, the most UNIQUE and PRACTICAL value.

Apparently selling is not very hard for credit cards like these because a LOT of people have broken credit scores. If we were to put it in parallel with SCAMMY IM products being launched everyday (those promising six figure income within 30 days), a lot fall for it because they think it's their ticket out of their financial woes. Just my 2 cents.

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iAmNameLess

13 years ago

If you think about it, they aren't in any way scamming people, so I think they sleep perfectly fine at night and I would too.

Providing a credit card for those with bad credit, that would like to use it with the intention to build up their credit, helps them out too.

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